Senate Passes HOPE for Homeowners

Washington, D.C. is abuzz with the flurry of legislative activity today. President Obama announced the new CAFE standards for automobiles (35 miles per gallon by 2016), the credit card bill passed the Senate, and now the amended HOPE for Homeowners legislation has sailed through.

The big news with the HOPE for Homeowners legislation is the extension of the FDIC and National Credit Union insurance plans, which are scheduled to sunset on December 31, 2009. In the bill, the new $250,000 per depositor per insitution limit is extended through 2013.